Ethereum Faces Continued Pressure Below Key Resistance Levels
- Ethereum price declined from the $3,300 resistance and is now consolidating losses below $3,150.
- ETH is trading below $3,220 and the critical level of the 100-hourly Simple Moving Average.
- A short-term declining channel has formed with resistance at $3,210 on the ETH/USD hourly chart.
- Immediate resistance levels are at $3,220 and $3,260, with major support near $3,160 and $3,140.
Ethereum’s price struggles to maintain stability above key resistance levels as it continues to trade in a bearish zone below significant thresholds like the DeFi market average. The formation of a declining channel indicates potential for further downside unless bulls can protect the current support levels.
The Ethereum price remains under pressure as it trades below crucial resistances such as $3,220 and faces potential declines if it fails to hold above support near $3,160. (Source)
